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to get the deficit down to 4.5% deficit. quite frankly, that is pie in the skil according to pretty much all the analysts and the economists. and it's just a question of how much they'll miss by. because this economy is enacting extreme austerity, and this debate is relevant whether it's obama or romney. is austerity actually denting growth, is it creating more problems than it solves. let me give you one example. we have a sales tax in this country that has been raised from 16% to 18% to 21%. that has created a slight inflation issue. now, pensions are inflation linked. and this country in november has to increase pension abouts by inflation. so by raising 2.5 billion euro v.a.t., it will cost them 3.5 billion euro misincreased pension costs. so you can see the conundrum. they're enacting enormous amounts of austerity, but that's denting an economy which is already in recession. its second since 2008. and things are getting worse. 25% unemployment, a million up sold homes. and we haven't even talked about the banking crisis and the autonomous region, some of which including catalonia ar
their deficit taxes, so now they have less tax revenues, so now they have to do it all over again. what i think is funny is that rajoy has said out loud i'm only going to look for a bailout if our interest rates go up. >> and interest rates have not gone up. >> draghi does him a big favor. so he says well, i'm going to wait and see until if i really need it. when you're running the country, you're not going to ask for a bailout until you start to be choked again by the bond market. >> 6%, is that the number? is it 7%? >> i've been told 8% for spain. and these countries really can hold out for a long time. they just have to make very, very hard choices. if they seek a program which is esfs and draghi step in to start buying their debt thark can go on far very, very, very long time. greece is going along just doing tea bills every two weeks. >> what's strange is how europe goes away and the markets here forget about it for weeks at a time and then all of a sudden it's back on the play. >> i think that -- the reason it went away is draghi took cataclysmic events off the table. so they're not going
looking at it with regard to krugman's piece and something to do with the deficit, is that going to be spun positively if they're working on it or more fearmongering that something really heinous will go down. >> okay. so keep sticking with what's working for now. we'll keep an eye on this. but kevin, thank you. you always keep us up-to-date on everything happening down there. >> one more quick thing i'll say. watch silver. a lot of popularity in it. we didn't get an outright sell signal, but we got very bearish divergences for silver when it made a new high yesterday. trading over $41 on ebay for silver coins. well over the price in the marketplace. so watch out for that. could be an actionable trade. >> okay, kevin. thanks for the tip. >>> if you have any questions, comments about anything you see here, squawk@cnbc.com. coming up, the chicago teachers strike back in the headlines this morning. we'll find out why next. and then ian poulter's in the building. attention golf fans ever where. >> look at that. every player's name. unbelievable. >> got to be careful. >> i don't want
the question about how do you keep the code without increasing the deficit. but it's a promising proposal that tax policy exports like because it is achievable. now, if you lump the deductions together and don't fight them one by one and have a cap, that is easier to get done. >> on that 17,000, a, do you think we're going to hear about it tonight? does that include things like charitable deductions, mortgage deductions? how far do you think that goes? >> reporter: yes, it does. >> 17,000 cap across the board. that is meaningful. that would have a huge impact on the real estate market, it would have a huge impact broadly. >> reporter: yes, i believe from what i was reading yesterday, and i haven't gotten a chance to delve into it that $17,000 level was set purposefully because people in the under $200,000 income category generally speaking don't have more than that, right? but it makes it easier to begin taking on deductions as you move up the scale. so i do think it's positive. i would expect him to get asked about it and, you know, if he starts sketching out a little bit how he would re
Search Results 0 to 3 of about 4

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